Yes, 'Proud as Punch' was originally a derogatory term but is changing slowly to mean excessively and unecessarily proud.
Proud, or pleased as Punch means very satisfied with oneself. Punch, from the puppet show Punch and Judy ("Pontius and Judas"), is a strutting, quarrelsome, hook-nosed comic character. Although associated with Pontius (Pilate), the name is from Punchinello, which probably derives from the Neapolitan Italian dialect polecenella meaning a young turkey cock.
A derogatory meaning for gay homosexual men
derogative: expressive of low opinion; "derogatory comments"; "disparaging remarks about the new house" wordnet.princeton.edu/perl/webwn
unjustified pride! Being proud of something one has no right or cause to be proud of!
You feel proud of yourself.
The phrase "as proud as punch" means feeling extremely pleased or satisfied with oneself or an accomplishment. It originates from the character Punch from the puppet show "Punch and Judy," who was always portrayed as proud and boastful.
Being proud is having increased feelings of self-worth or importance. People feel proud when they have accomplished something good, or when they are affiliated with someone or some group who has accomplished something good. "I am proud to be named the official spokesman of the country." "As we open this Lions park today, I feel proud to be a Lion." The expression "proud as punch" meaning very proud, is most often used when a child, student or other protege has made the accomplishment, as in "I am proud as punch of my son today, after he has won an Olympic Gold Medal."
Proud, or pleased as Punch means very satisfied with oneself. Punch, from the puppet show Punch and Judy ("Pontius and Judas"), is a strutting, quarrelsome, hook-nosed comic character. Although associated with Pontius (Pilate), the name is from Punchinello, which probably derives from the Neapolitan Italian dialect polecenella meaning a young turkey cock.
"Tending to detract or diminish" "Disparaging; belittling: a derogatory comment." Derogatory. Ask.com. 26 November. Definition of derogatory
Derogatory.
Very much so . . . in fact some people will punch you in the face for saying it to them.
"we make the thing that make India proud"
A moegoe is a derogatory term meaning a stupid person or an idiot.
Proud
of Punch
A derogatory meaning for gay homosexual men
it is a derogatory term that is now a common slang.